Secure Dreams plan from Max NewYork Life is designed to
- Protect the money invested through safe investments, but also looking at some growth in the portfolio
- No medical tests involved- this has been pitched as convinience
- Let the policy continue even if the insured passes away- done through premium funding.
- flexibility to choose the period of coverage
Secure Dream Eligibility

Death Benefit
- Incase the life insured dies MNYL will immediately pay the sum assured equal to 10 times of the annual premium.

IRDA, the insurance regulating authority has just approved the ULPs- Universal Life Policies for Bharti Axa Life Insurance and Max New York Life.

Its an interesting development in our opinion because of the inherent nature of ULPs.

Here are few of the salient features

1.Customers have flexibility in premium, sum assured as well as the tenure of the product.

2.Freedom to vary the payment of the premium over the policy’s life- you can start with monthly payments, switch to annual then quarterly and so on. What does not change is the premium quantum.

3. Also the policy is not automatically cancelled even if the customer fails to pay the premium. Even if the lapsed payment is not made , the ULP will be kept in force- what does change is the sum assured at the time of payout.